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Music Business Rule #2 – Bands Need Multiple Streams of Revenue

Digital Music News recently posted a slideshow of charts showing the shift in music industry revenues over the last 30 years.

It’s interesting to watch the rise and decline in the popularity of certain formats (vinyl, cassettes, CDs, downloads, etc.), but obviously most relevant to a discussion about today’s music economy is the pie chart for 2013. Take a look: it proves that artists must… diversify.

No matter what your bread-and-butter may have been a few years ago (CD sales, downloads, live concert fees, etc.), you shouldn’t rely on any one revenue stream to carry you along these days. The landscape changes rapidly. There are more ways than ever before for fans to engage with your music, and more ways for you to earn money from the usage of that music.